Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Japan's Nikkei rises 2% following Wall Street highs
Published in Amwal Al Ghad on 05 - 11 - 2019

Asian markets rose in Tuesday afternoon trade following record closes overnight on Wall Street.
Shares in Japan led the region following a return from a Monday holiday. The Nikkei 225 surged around 2 percent as shares of index heavyweight Softbank Group soared more than 2.5 percent, while the Topix index jumped 1.74 percent. Both indexes were poised to close at their highest for 2019.
Mainland Chinese stocks were higher by the afternoon, with the Shanghai composite up 0.68 percent and Shenzhen composite gaining 0.419 percent. The Shenzhen component added 0.63 percent.
Hong Kong's Hang Seng index was 0.53 percent higher as shares of Chinese tech juggernaut jumped 1.83 percent.
A private survey of China's services sector showed activity slowing to a eight month low in October. The Caixin/Markit services Purchasing Managers' Index (PMI) for October came in at 51.1 — its lowest reading since February. The 50-point level separates expansion from contraction in PMI readings.
In South Korea, the Kospi was 0.15 percent higher.
Meanwhile, Australia's S&P/ASX 200 rose 0.13 percent. The moves came after the Reserve Bank of Australia (RBA) kept interest rates unchanged on Tuesday.
"The Board will continue to monitor developments, including in the labour market, and is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time," RBA Governor Philip Lowe said in a statement announcing the interest rate decision.
Following the announcement, the Australian dollar changed hands at $0.6902, slipping from the $0.692 handle on Monday.
Overall, the MSCI Asia ex-Japan index traded 0.38 percent higher.
All three major U.S. indexes touched record highs overnight on Wall Street. The Dow Jones Industrial Average added 114.75 points to close at 27,462.11 — its first all-time high since mid-July.
The S&P 500 also added 0.4 percent to finish at a fresh all-time high of 3,078.27. The Nasdaq advanced 0.6 percent to close at 8,433.20, also reaching record levels.
On the trade front, Chinese President Xi Jinping on Tuesday called for "consultation and cooperation" to resolve international disputes. Xi's remarks, made at the opening ceremony of the China International Import Expo, did not specifically mention the U.S., which Beijing has been locked in a trade fight with for more than a year.
That came following recent positive developments regarding the ongoing U.S.-China trade war. China said Friday it reached a consensus with the U.S. in principle following talks last week. Last month, U.S. President Donald Trump said both sides had come to a "very substantial phase one" trade agreement that is expected to be signed later in November.
"The market does seem far too focused on a China-U.S. trade deal," Steve Goldman, managing director at Kapstream Capital, told CNBC's "Street Signs" on Tuesday. "In the short run we'll have some sort of phase one (deal) which I won't view as very meaningful."
Still, Goldman added that such a move is likely to "leave a fairly positive tone to markets, hopefully through year-end."
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.587 after rising from levels around 97.2 yesterday.
The Japanese yen, often seen as a safe-haven currency in times of market uncertainty and turmoil, traded at 108.78 per dollar after weakening from levels below 108.5 in the previous session.
Oil prices were little changed in the afternoon of Asian trading hours, with international benchmark Brent crude futures largely flat at $62.15 per barrel. U.S. crude futures were fractionally lower at $56.49 per barrel.
Source: CNBC


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